AbbVie’s Strong Performance Boosts Stock
AbbVie demonstrated impressive quarterly earnings, leading to a rise in its stock price by over 3%, significantly outperforming the S&P 500 index, which increased by 0.6%.
Revenue and Profitability Details
In the first quarter, AbbVie reported a net revenue of $13.3 billion, reflecting an 8% year-over-year increase. This was largely driven by a nearly 17% increase in sales of immunology drugs, such as Skyrizi and Rinvoq, which together contributed almost $6.3 billion, or about half of the total revenue. However, the net income saw a slight decline, with adjusted net income falling to $1.29 billion ($2.46 per share) from the previous year’s $1.37 billion.
Analysts had projected AbbVie would report net revenue of $12.9 billion and an adjusted net income of $2.39 per share.
AbbVie’s CEO, Robert Michael, stated, "The fundamentals of our business are strong, and we continue to bolster our outlook with pipeline advancements and strategic investments," adding that the company is well positioned for the long term.
Raised Profitability Guidance
AbbVie also increased its profitability guidance for the full year, projecting adjusted per-share earnings of $12.09 to $12.29, up from the previous forecast of $11.99 to $12.19. The consensus among analysts is currently $12.18.
